Flipkart Internet, which operates the B2C on the web marketplace, has noticed its consolidated loss widen to Rs 1,950.5 crore for the economic year ended March 2020, even as income grew about 32 per cent, as per regulatory documents.
The enterprise had registered a consolidated loss immediately after tax of Rs 1,625.7 crore in the earlier fiscal, according to Registrar of Companies filing – shared by market place intelligence firm Tofler.
Its consolidated net total revenue was at Rs 6,318.7 crore for 2019-20 as against Rs 4,803 crore in the earlier economic year, a development of 31.5 per cent, it added.
Flipkart did not respond to emailed queries.
On a standalone basis, the total loss widened to Rs 1,936.6 crore in FY20 from Rs 1624.4 crore in the earlier year. Its standalone net total revenue was at Rs 6,317.7 crore in the economic year ended March 31, 2020 as against Rs 4,802.3 crore in the earlier fiscal – up 31.5 per cent.
Flipkart Internet mentioned its income is mostly generated from e-commerce, info technologies enabled services, marketplace and connected help services.
During the economic year beneath overview, the enterprise had presented shares on a rights problem basis on March 23, 2020 pursuant to which more than 4.93 lakh class-A equity shares had been presented to the current shareholders, of the enterprise – Flipkart Marketplace Pvt Ltd, Singapore and Flipkart Pvt Ltd, Singapore, the filing mentioned.
“Pursuant to this offer, 3,469 class-A equity shares had been allotted to Flipkart Pvt Ltd, Singapore and 2,13,929 class-A equity shares had been allotted to Flipkart Marketplace Pvt Ltd, Singapore on March 31, 2020,” it added.
In 2018, Walmart Inc invested USD 16 billion for acquiring 77 per cent stake in Flipkart, and earlier this year, led a USD 1.2 billion funding round in the e-commerce enterprise.
In India, Flipkart is locked in an intense battle with US-primarily based e-tailing giant Amazon with each entities pumping in millions of dollars towards promotions, creating infrastructure and logistics as they woo prospects to shop on the web.
Documents filed by Flipkart India – the B2B arm of Walmart-owned Flipkart – had showed that the entity had narrowed its losses to Rs 3,150.6 crore in the course of 2019-20 as compared to a loss of Rs 3,836.8 crore in the earlier economic year. Its net total revenue of Flipkart India was Rs 34,610.1 crore as against Rs 30,934.9 crore in the earlier economic year, up 11.88 per cent.